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University Lofts - Urban Revitalization Area Designation
Copyright 2014 City of Dubuque Action Items # 5. ITEM TITLE: University Lofts - Urban Revitalization Area Designation SUMMARY: City Manager recommending approval of a resolution to establish University Lofts as a property that meets the requirements for designation as an Urban Revitalization Area. RESOLUTION Finding that the designation of the University Lofts Urban Revitalization Plan is necessary to encourage needed housing and residential development providing safe, affordable housing for the residents of the City of Dubuque SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s) ATTACHMENTS: Description Type University Lofts Urban Revitalization Area Designation- City Manager Memo MVM Memo Staff Memo Staff Memo Figure 2, Map Supporting Documentation Staff Memo- Design Review Supporting Documentation Petition for District Supporting Documentation Public Meetings Flyer Supporting Documentation Exhibit 5S Supporting Documentation Resolution Resolutions THE CM OF Dubuque AAA-A m c DUB E 11 1r Masterpiece on the Mississippi -2012I rP PP �oo� .zo13 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Petition for Designation of University Lofts Urban Revitalization Area District from Miller-Valentine Residential Development DATE: October 31, 2016 Housing & Community Development Department Director Alvin Nash is recommending City support for the University Lofts affordable housing project to redevelop the former Nativity School site, including property tax abatement through designation as an Urban Revitalization Area. This project is similar to a project supported last year, except that project was affordable senior housing and this is affordable family workforce housing. Urban Revitalization Chapter 404 of the Iowa Code authorizes cities to designate areas as urban revitalization areas. Improvements to qualified real estate within these designated areas may receive a total or partial exemption from property taxes for a specified number of years. The exemptions are intended to stimulate private investment by reducing tax increases that usually accompany property improvements. This additional private investment provides a long-term increase or stabilization in the area's tax base, enhances the visibility of revitalization areas and/or supports important city objectives such as historic preservation, economic development and affordable housing development. The proposed project entails construction of a 48 unit, multi-story apartment building. The project is not in a historic district, however due to the source of funding from State- issued tax credits and the City's Urban Revitalization program, Planning Service staff conducted a design review for the project. The project was found to be consistent with the City's Architectural Guidelines. The 48-unit planned development site is located at the corner of Alta Vista and University. Miller-Valentine Residential Development is proposing mix of one, two and three bedroom units with a full spectrum of amenities including on-site management, support services, and accessible green design. Ten percent of the units will be fully ADA accessible for persons with physical disabilities and the building is fully accessible. The project will utilize multiple sources of funding including Low Income Housing Tax Credits, permanent loan, tax abatement loan, and deferred developer fees. The urban revitalization tax exemption will show local support for the project, which will strengthen Miller-Valentine Residential Development's Tax Credit application to the Iowa Finance Authority. The proposed Urban Revitalization plan for University Lofts will provide for a 100% exemption from taxation on the actual value added by improvements for qualified real estate assessed as residential property or assessed as commercial property, for a period of ten years. This assistance is very important to the success of the project. The application for state tax credits is competitive. A developer receives points for city financial assistance, with maximum points received for assistance equaling 4% of total development costs. Miller-Valentine Residential Development held a series of neighborhood meetings to obtain public input and inform residents about the proposed projects. The neighborhood meetings were held October 25th, at 1 :00 p.m., and 5:00 p.m. and on November 1 sc at 7:00 p.m. Residents asked several questions regarding price of units, size of units, services and amenities available to residents, tenant selection, when applications would be available, and safety and security. The University Lofts project is located at the corner of 1225 Alta Vista Street and University Avenue. This location is outside the area of concentrated poverty. The location of the housing will assist to de-concentrate poverty and is consistent with the goals identified in the Analysis of Impediments to provide housing opportunity outside of areas of high poverty concentration. The Analysis of Impediments examines the barriers to fair housing and identifies strategies to eliminate these barriers. The location of the project will assist to affirmatively further fair housing by creating affordable housing options in areas of low poverty concentration. The Analysis of Impediments is used to develop the City of Dubuque Consolidated Plan. The Consolidated Plan is a five-year plan for the use of Community Development Block Grant funds in the community. Updated for the Fiscal Years 2016-2020, the most recent plan identifies a need housing for elderly populations, homeless, and persons with disabilities. These populations often have limited income and housing choices and will likely benefit from the additional affordable, accessible housing options. American Community Survey five-year estimates for Selected Housing Characteristics provide information on the number of households experiencing cost burden. Economists call a household "cost burden" when housing costs exceed 30% of the household income. The most recent 2014 American Community Survey estimates show 52% of renter households are cost burdened, compared with 21% owner occupied with a mortgage. With over half of the renters in Dubuque experiencing cost burden, the addition of tax credit rental units will provide opportunity for renters to live in housing they can afford. When households pay 30% or less of their income for housing, a number of benefits occur. Households are able to save for real wealth building assets, like a down payment on a home and continuing education. 2 The property value, based upon 2016 Beacon data, the land is valued at $257,830. Buildings are valued at $3,480,000. The property has a total assessed value of $3,737,830. This property is currently tax exempt. The proposed development will be owned by a for-profit entity and will pay taxes. The estimated tax abatement will be for $393,233 over a period of 10 years. After the abatement period expires, it is estimated taxes will be approximately $40,085 annually. I concur with the recommendation and respectfully request Mayor and City Council approval. Mic ael C. Van Milligen'-4 s MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Cindy Steinhauser, Assistant City Manager Teri Goodmann, Assistant City Manager Alvin Nash, Housing & Community Development Director 3 THE CITY OF Dubuque k-r-hy- A All-America City DUBB 1 0 Masterpiece on the Mississippi 2007.2012.2013 TO: Michael Van Milligen, City Manager FROM: Alvin Nash, Housing & Community Development Director DATE: October 31, 2016 RE: Petition for Designation of University Lofts Urban Revitalization Area District from Miller-Valentine (MV) Residential Development Introduction This memorandum presents for City Council a petition for Urban Revitalization Area Designation from MV Residential Development. The memorandum recommends the City Council review and approve the attached resolution to establish University Lofts as a property that meets the requirements for designation as required by Chapter 404 of the Iowa Code. Background Urban Revitalization Chapter 404 of the Iowa Code (Urban Revitalization Act) authorizes cities to designate areas as urban revitalization areas. Improvements to qualified real estate within these designated areas may receive a total or partial exemption from property taxes for a specified number of years. The exemptions are intended to stimulate private investment by reducing tax increases that usually accompany property improvements. This additional private investment provides a long-term increase or stabilization in the area's tax base, enhances the visibility of revitalization areas and/or supports important city objectives such as historic preservation, economic development and affordable housing development. In order to implement the provisions of Chapter 404, the City determine the area is eligible for exemption, prepare a revitalization plan for each designated area, and hold at least one public hearing after proper notice. The law mandates specific criteria and procedures must be followed. The proposed project entails construction of a 48 unit, multi-story apartment building. The project is not in a historic district, however due to the source of funding from State-issued tax credits and the City's Urban Revitalization program, Planning Service staff conducted a design review for the project. The project was found to be consistent with the City's Architectural Guidelines (see attached memo from Planning Services Manager, Laura Carstens). Discussion The 48-unit planned development site is located at the corner of Alta Vista and University. MV Residential Development is proposing mix of one, two and three bedroom units with a full spectrum of amenities including on-site management, support services, and accessible green design. Ten percent (10%) of the units will be fully ADA accessible for persons with physical disabilities and the building is fully accessible. The project will utilize multiple sources of funding including Low Income Housing Tax Credits, permanent loan, tax abatement loan, and deferred developer fees. The urban revitalization tax exemption will show local support for the project, which will strengthen MV Residential Development's Tax Credit application to the Iowa Finance Authority. The proposed Urban Revitalization plan for University Lofts will provide for an exemption under 404.3(4) and permit a one hundred percent exemption from taxation on the actual value added by improvements for qualified real estate assessed as residential property or assessed as commercial property, for a period of ten years. MV Residential Development has agreed to this exemption schedule. This assistance is very important to the success of the project. The application for state tax credits is competitive. A developer receives points for city financial assistance, with maximum points received for assistance equaling 4% of total development costs. Miller-Valentine Residential Development held a series of neighborhood meetings to obtain public input and inform residents about the proposed projects. The neighborhood meetings were held October 25th, and 1 :00 p.m., and 5:00 p.m. and on November 1 sc at 7:00 p.m. Residents asked several questions regarding price of units, size of units, services and amenities available to residents, tenant selection, when applications would be available, and safety and security. The University Lofts project is located at the corner of 1225 Alta Vista Street and University Avenue (see Figure 2, attached map). This location is outside the area of concentrated poverty. The location of the housing will assist to de-concentrate poverty and is consistent with the goals identified in the Analysis of Impediments to provide housing opportunity outside of areas of high poverty concentration. The Analysis of Impediments examines the barriers to fair housing and identifies strategies to eliminate these barriers. The location of the project will assist to affirmatively further fair housing by creating affordable housing options in areas of low poverty concentration. The Analysis of Impediments is used to develop the City of Dubuque Consolidated Plan. The Consolidated Plan is a five-year plan for the use of Community Development Block Grant funds in the community. Updated for the Fiscal Years 2016-2020, the most recent plan identifies a need housing for elderly populations, homeless, and persons with disabilities. These populations often have limited income and housing choices and will likely benefit from the additional affordable, accessible housing options. American Community Survey (ACS) five year estimates for Selected Housing Characteristics provide information on the number of households experiencing cost burden. Economists call a household "cost burden" when housing costs exceed 30% of the household income. The most recent 2014 ACS estimates show 52% of renter households are cost burdened, compared with 21% owner occupied with a mortgage (Figure 1). With over half of the renters in Dubuque experiencing cost burden, the addition of tax credit rental units will provide opportunity for renters to live in housing they can afford. When households pay 30% or less of their income for housing, a number of benefits occur. Households are able to save for real wealth building assets, like a down payment on a home and continuing education. Housing Cort Burden Dubuque, IA Five Year A6 Estimates Ansa sese IIII � edsal 121% I F90rer ro mmge 2 2013 M14 NOwomop= Ye �Oiauped aaul Budgetarylmpact The property value, based upon 2016 Beacon data, the land is valued at$25/,830. Buildings are valued at$3,480,000. The property has a total assessed value of $3,]3],830. This property is currently tax exempt The proposed developmentwill be owned by a for-profit enfiry and will pay takes. The estimated tax abatement will be for $393 233 over a period of 10 years. Afferthe abatement period expires, itis estimated taxes will be approximately $40085 annually. Recommendation I recommend that the City Council approve the attached resolution confirming the need for the University Lofts Urban Revitalization Plan and directing staff to work with the City Assessorto complete Exhibit 5S Action Requested The Action Step is forthe Qty Council N adopt the attached resolution and authorize staff N workthe Qty Assessor N complete Exhibit 5S N show local support for the development Prepared by Erica Haugen, Community Development Specialist CC Maurice Jones Laura Carstens ew8ER8fcoacWman Revirewennons for isetlsoUniversry Lofts]f116 7\Memo to_counol eligible for designation.door 2 SAPPHIR A OEVIGIP Fg0`F,oO N \yP ROOSEVELT / T G 0 Ny The Analysis of Impediments identified � Tract 6 Block Group 2, Tract 5 Block Group 3, �N 5 and Tract 1 Block Group 3 as being close to, but below /A LU the 37.7% benchmark level for poverty concentration IANSEN as defined by HUD for smaller communities. 0'0 EDITHDAVIS O ti� NF 0 .QE ePL 4 3 sK1N o S9L -US'�.G tc Tract 5 Block Group 4 exceeds the 37.7% benchmark for poverty2KK �� om o�P oSNq�< with a below poverty level of 51.4/. ��2K� m2 MERZ A� ; 2 6 � gQ4 X92 CERR 00 25K 2aKTgFF0 61/15 LORI Vq< 7 -71 Kry ✓ONNS Fn o KAUFMANNB NAPIER q 1 KO+ -u tut m LOWELL 2 S q U < CLARKE 19KN 16KN w ym � m RKN KN PU N Z Z FAIRWAY W O W 1�`h""00 pl�GOV�P �IN 1m 12 R/ q J - o x 3 KN OZ Q c � moi_ G1 9i VO/ G11 Z m. 1pKN N C C University Lofts- MV Residential Development Se�<yG << ) AKN R < yc PENNSYLVANIA /<</ m1 g'(ER UN�VERSI'f`( • TO 0 6KN 5KN O� STy RgNS N RK to v � O/S/qNq .,nn� ¢ ciUREN ��PP- c .RvrG OF<Ni 5TH v ZMi,-o N OOF, m o LAEVO W Tract 1 Block Group 1 exceeds 3 eE s the 37.7 benchmark for poverty DN MpZZUCHELLI T M zo with a below poverty level of 43.7%. oP� SNo cPMp D �— m 2- FLV 2 v OP�c� �,p_ < p O<G JP VES' �1 •••• • - ' • • ••• I� e �� TRL::JF;oar h T 0 K W TractCensus Block I I 1 Census TractBlock I I 4mM Census Tract 1 Block Group 3 mM Census Tract 6 Block Group 2 f{ 1 Cen us Tract 5 Block J Y � Dubu ue < THE CITY OF _q , Group DubuqueDuB JE 1i� Masterpiece m the Mississippi mo, I I RESOLUTION NO. 384-16 RESOLUTION FINDING THAT THE DESIGNATION OF THE UNIVERSITY LOFTS URBAN REVITALIZATION PLAN IS NECESSARY TO ENCOURAGE NEEDED HOUSING AND RESIDENTIAL DEVELOPMENT PROVIDING SAFE, AFFORDABLE HOUSING FOR THE RESIDENTS OF THE CITY OF DUBUQUE. Whereas, the City Council of the City of Dubuque finds that the properties at Parcel ID#1025101003, part of a 5.48 acre tract currently conveyed to Church of the Nativity, beginning at the intersection of the north right-of-way line of University Avenue with the westerly right-of-way of Alta Vista Street (Property) which MV Residential Development has proposed to develop the Property and create 52 units of workforce multi -family housing; and Whereas, the City supports the, development and construction of housing and residential properties which provide quality, affordable housing; and Whereas, the Property is located in an area eligible for the Urban Revitalization Tax Exemption program; and Whereas, in the area proposed for designation under the Urban Revitalization Act 404.1 (4) is appropriate as an economic development area as defined in section 403.17 Iowa Code; and Whereas, the area is appropriate for commercial and industrial enterprises, public improvements related to housing and residential development, or construction of housing and residential development for low to moderate income families, including single or multi -family housing, as stated in Section 403.17 of the Iowa Code; and Whereas, through the Urban Revitalization Program, the Property is eligible to receive a one hundred percent exemption from taxation on the actual value added by the improvements for a period of ten years so long as it is assessed as residential property or assessed as commercial property, if the commercial property consists of three or more separate living quarters with at least seventy-five percent of the space used for residential purposes; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the construction of the hereinafter described Property legally described as: Being part of a 5.48 acre tract currently conveyed to Church of the Nativity (current Parcel ID#1025101003), Dubuque County, Iowa, and more particularly described as follows: Beginning at the intersection of the north right-of-way line of University Avenue with the westerly right-of-way of Alta Vista Street; Thence from said point of beginning, with said north right-of-way line, South 79°00'00" West, for a distance of 224.71 feet, Thence leaving said right-of-way line, on the following three (3) courses and distances: 1. North 9°00'00 West, for a distance of 99.95 feet; 2. North 34°00'00" West, for a distance of 190.96 feet; 3. North 58°00'00" East, for a distance of 177.42 feet to the aforementioned westerly right-of-way of Alta Vista Street; Thence with said right-of-way line, South 32°00'00" East, for a distance of 362.45 feet to the point of beginning, containing approximately 1.36 +1- acres and being subject to any easements, restrictions, covenants, ordinances, or agreements of record. This legal description is not based on field verified boundary or boundary retracement survey; is deemed necessary in the interest the residents of the City. Section 2. That the City Council supports MV Residential Development's Petition that the Property be designated a Urban Revitalization Area and supports the developer's efforts to receive a tax credit award from the Iowa Finance Authority for this Development. Section 3. That the City Council approve the resolution supporting the project and authorize staff to work with the City Assessor to complete the form 5S for submission by Developer prior to the November 17, 2016 deadline for consideration. The estimated value of tax abatement is $393,233. Section 4. That the proposed Development is consistent with the City of Dubuque's affordable housing strategies and its goal to implement its comprehensive plan. Passed, approved and adopted this 7th day of November, 2016. Attest: Kevi Firnstahl, it D. Buol, Mayor EXHIBIT 5S IOWA FINANCE AL T HOR! V LOCAL GOVERNMENT CONTRIBUTION Form(s) shall be completed by the qualified Government Entity or Political Subdivision along with any additional supporting documents as required in QAP Section 6.2.4A. Project Name Project Address Ownership Entity Name University Lofts Part of 1225 Alta Vista St in Dubuque, IA University Lofts, LLC Iowa Finance Authority (IFA) encourages developers to coordinate with Iowa communities regarding community revitalization plans, where applicable. A Local Government Contribution creates a presumption that the project is not in conflict with the local government's community revitalization plan, if any. This form will verify the Local Government Contribution effort referenced in the Qualified Allocation Plan (QAP). A Local Government Contribution can be provided by a qualified Government Entity or Political Subdivision. QAP Section 6.2.4.1 states the following items will constitute a Local Government Contribution: Form of Contribution Additional Supporting Documents Cash Contribution Commitment letter Gift of Land or Building Third party MAI certified appraisal Tax Abatement (not tax exemption) Scoring exhibit only Tax Increment Financing Project specific city council resolution Urban Revitalization Tax Exemption (URTE) Project specific city council resolution Enterprise Zone Credits Scoring exhibit only c Enterprise Zone Sales Tax Rebate Scoring exhibit only Waiver of Fees Scoring exhibit only City HOME Scoring exhibit only Below Market Interest Rate Loan Calculation showing value of imputed savings using a market rate of six percent (6%) with a maximum 20 year loan term and a maximum 30 year amortization QAP Section 6.2.4.1 states the agency making the Local Government Contribution shall indicate the value of its contribution. The value of the Local Government Contribution is the value of the contribution made by the qualified Government Entity or Political Subdivision minus the value of any consideration or accommodation received by the qualified Government Entity or Political Subdivision in return for the contribution. The Governmental Entity or Political Subdivision completing this form understands that IFA will rely on these valuations to determine whether the Applicant has met the requirements of the QAP to receive points for Local Government Contribution. IFA reserves the right to limit the amount of fees waived by any Government Entity or Political Subdivision to one percent (1 %) of the Total Project Costs. For scoring purposes under this category, a Government Entity or Political Subdivision contribution to a Project provided through a certified Local Housing Trust Fund (LHTF) will be considered a qualified Local Government Contribution only if the Applicant provides documentation from the LHTF showing the Government Entity or Political Subdivision has made contributions to the LHTF during the current fiscal year totaling at least the amount of the proposed Local Government Contribution to the Project. 2017 Round EXHIBIT 5S IOWA FINANCE AUTHRITY Qualified Governmental Entity or Political Subdivision Contribution(s) (8 points maximum) ❑ CASH CONTRIBUTION — Commitment letter attached Amount Source of Cash Name of Entity Making Contribution ❑ GIFT OF LAND — Third party MAI certified appraisal attached Appraised Amount/Value Name of Entity Making Contribution Location/Address of property: Is land held free and clear of encumbrances? ❑ YES ❑ NO If NO, disclose all known liens and encumbrances and explain how and when these will be satisfied. ❑ GIFT OF BUILDING — Third party MAI certified appraisal attached Appraised Amount/Value Name of Entity Making Contribution Address of building(s): Is land held free and clear of encumbrances? ❑ YES In NO If NO, disclose all known liens and encumbrances and explain how and when these will be satisfied. ❑ TAX ABATEMENT (not exemption) — No attachment required Amount/Value Term of Abatement Describe How Amount Was Determined Name of Entity Making Contribution $393,233 10 Year Calculated using income approach and validated by City of Dubuque Assessor City of Dubuque ❑ TAX INCREMENT FINANCING — Project specific city council resolution attached Amount/Value Name of Entity Making Contribution ® URBAN REVITALIZATION TAX EXEMPTION — Project specific city council resolution at Amount/Value Term of Exemption Describe How Amount Was Determined Name of Entity Making Contribution $393,233 10 Year Calculated using income approach and validated by City of Dubuque Assessor City of Dubuque ❑ ENTERPRISE ZONE CREDIT (equity value) — No attachment required AmountNalue Name of Entity Making 2017 Round EXHIBIT 5S IOWA FINANCE .AUTHORITY Contribution ❑ ENTERPRISE ZONE SALES TAX REBATE — No attachment required. AmountNalue Name of Entity Making Contribution ❑ WAIVER OF FEES — Limited to one percent (1%) of Total Project Costs. No attachment required AmountNalue Type of Fees Describe How Amount Was Determined Name of Entity Making Contribution ❑ CITY HOME LOAN — No attachment required AmountNalue Name of Entity Making Contribution ❑ BELOW-MARKET INTEREST RATE LOAN - Calculation showing value of imputed savings using a market rate of six percent (6%) with a maximum 20 year loan term and a maximum 30 year amortization attached. IFA shall use the imputed savings value or the principal amount of the loan whichever is the lesser. IFA will allow the interest to be calculated only on a simple basis (not compounded) when calculating. AmountNalue Market Interest Rate Below- Market Interest Rate Describe How Calculated Savings Was Determined Name of Entity Making Contribution 6% City of Dubuque Agency Name (Typed) Roy D. Buol Name of Agency Representative (Typed) y Representative (Typed) Signature of 2017 Round ency Representative November 7, 2016 Date THE CITY OF Dubuque DUB E 1��-AmericaC Ir MEMORANDUM I I, Masterpiece on the Mississippi Zoo,,Zol2-2 U13 TO: Alvin Nash, Housing and Community Development Director FROM: Laura Carstens, Planning Services Manager SUBJECT: University Lofts — Design Review— City Architectural Guidelines DATE: November 2, 2016 INTRODUCTION The following memo pertains to the proposed University Lofts project at the corner of Alta Vista Street and University Avenue. The proposed project entails the construction of a 48 unit, multi-story apartment building and associated parking lot. The developer has submitted conceptual renderings of building and site layout. The building is located in a mixed used neighborhood of commercial and institutional buildings. DISCUSSION The project site is not in a historic district; however, due to the planned use of public funding from State-issued tax credits and the City's Urban Renewal program, Planning Service staff conducted a design review of the proposed University Lofts project. Although the building is 100% residential, the building design and location fit more appropriately with the City's Architectural Guidelines that relate to New Commercial Building Types. The following is an analysis of the proposed concept plan and rendering as it relates to the Architectural Guidelines in two categories: General Guidelines for New Buildings, and General Guidelines for New Commercial Buildings. Planning Services staff analysis is shown in italics. General Guidelines for New Buildings: Architectural Character Policy: In order to assure that the history of a historic district can be understood, it is important that any new building be distinguishable from the historic structures. That is, a new building should appear as a product of its own time in terms of its style, while also being compatible with the context of the area. The proposed building uses materials and design features which distinguish it from historic structures while remaining compatible with the surrounding area. The proposed apartment building can be considered consistent with this guideline. 3.1 Design a new building to reflect its time period, while respecting key features of its context. Use contemporary interpretations of historic architectural building types when designing a new building. The apartment building is designed to be modern while incorporating traditional materials and forms found in the area. The apartment building can be considered consistent with this guideline. 3.2 Contemporary interpretations of traditional designs and details may be considered. Contemporary interpretations of building forms, massing, materials and details are encouraged. The apartment building can be considered a contemporary interpretation of traditional designs. 3.3 Use similar window and door proportions to those seen traditionally. Windows with a vertical emphasis are encouraged. A general rule is that the height of the window should be twice the dimension of the width in most districts. If a larger window is needed, combine sets of vertically proportioned windows. Odd window shapes such as octagons, triangles and diamonds are generally inappropriate in the historic districts. The window and door proportions reflect those seen traditionally. The apartment building window and door proportions can be considered consistent with this guideline. Materials Policy: Building materials of new structures and additions to existing structures should contribute to the visual continuity of the neighborhood. They should appear similar to those seen traditionally to establish a sense of visual continuity. Select materials which are high quality, convey a sense of human scale and provide visual interest. Use green materials and those which improve environmental performance that have been proven effective in the local climate. Materials should also minimize negative environmental impacts. The proposed brick, glass, hardy board and trim materials clearly contribute the continuity of the neighborhood. These material can be considered consistent with the policy. 3.4 Use building materials that appear similar to those used traditionally in the area. Brick is found in all character areas and, therefore, is an appropriate material to use. Horizontal lap siding is appropriate in transitional areas and on residential style buildings. All wood siding should have a weather-protective finish. The use of highly reflective materials is discouraged. The proposed brick and glass materials are similar to those used traditionally. The use of hardy board panels and trim simulate wood siding and are of a weather-protective finish. The brick, glass, hardy board and trim can be considered consistent with the policy. 3.6 Use masonry that appears similar in character to that seen historically. Brick should have a modular dimension similar to that used traditionally. Brick larger than the nominal 2-3/8" x 8" is discouraged. Brick should also appear structural in its application; it is load-bearing and should be detailed accordingly. Stone, similar to that used traditionally, is also appropriate. The modular size and color of most masonry is similar to that seen traditionally. Other masonry is colored differently to add interest to the building and break-up the fagade. The proposed masonry can be considered somewhat consistent with this guideline. 3.6 New materials that are similar in character to traditional materials may be acceptable with appropriate detailing. Alternative materials should appear similar in scale, proportion, texture and finish to those used traditionally for that particular building type. Most materials (glass and brick) are similar in character to traditional materials. The use of hardy board panels and trim are located on the top portion of the building and not at eye level. The use of hardy board panels and trim simulate traditional materials. The brick texture, proportion and scale is similar to that seen traditionally. 3.7 Use building materials that contribute to the traditional sense of scale of the block. This will reinforce the sense of visual continuity in the area. The apartment building materials for the most part contribute to the traditional sense of scale of the block. 3.8 Use high quality, durable materials. Materials should be proven to be durable in the local climate. Facade materials should maintain an intended finish overtime, or acquire a patina which is understood to be an outcome of normal interaction with the elements. Attach materials in a manner that will remain secure. The brick, glass, trim, and hardy board panels and trim can be considered durable. The proposed materials meet this guideline. General Guidelines for New Commercial Building Types: Building Setbacks Policy: Buildings create a strong edge to the street because they are traditionally aligned on the front lot line and usually built out the full width of the parcel to the side lot lines. Although small gaps do occur between some structures, they are the exception. These characteristics are vitally important to the Main Street Historic District and in areas abutting the district where a street wall is a prominent feature. The proposed project is located on the corner of Alta Vista Street and University Avenue. The proposed site layout shows the apartment building lining up with other buildings along University Avenue. The adjoining property to the north is a parking lot for Nativity Church. There is no existing traditional building alignment along the Alta Vista Street frontage. The proposed apartment building setback along Alta Vista Street is proposed to have a similar setback as along University Avenue. The proposed apartment building is built out the width of the lot. The building setbacks can be considered consistent with this Architectural Guideline policy. 3.10: Reflect the traditional setbacks seen within the block. Place the facade of the building at the property line. This should only vary in very special circumstances. The proposed apartment building meets the traditional setbacks seen within the block along University Avenue. Alta Vista Street at this location does not have a traditional setback line. The proposed apartment building along Alta Vista Street has a similar setback to University Avenue. It helps frame the corner. The proposed apartment building can be considered consistent with this guideline. Building Massing Policy: Building massing should fit with existing patterns, but need not directly copy them. Existing patterns and traditions in building massing include varied heights, articulated masses, visually interesting skylines and pedestrian-scaled street fronts. Building massing should continue to provide a variety of pedestrian- friendly scales and visually appealing masses. Buildings should not be monolithic in scale or greatly contrast with the existing scale in the area. A sense of human scale is achieved when one can reasonably interpret the size of a building by comparing features of its design to comparable elements in one's experience. Using building material of a familiar dimension such as traditional brick is an example, as is using windows of similar dimensions. To ensure human scale is achieved in new development, it is important to focus design attention on aspects most directly experienced by pedestrians, such as the scale of buildings and architectural details at the street level. For example, providing a storefront and a band of smaller upper story windows creates a human scale. These features are some of the important characteristics of commercial building types and should be respected in all new construction. The massing of the proposed apartment building appears to fit with existing patterns, but not copy them. The proposed apartment building massing complements the neighborhood while also adding some variety. Properties on the same block and across Alta Vista Street are primarily institutional buildings and are of large scale. Properties south of University Avenue are both residential and commercial. University Avenue separates and "sets the edge"for this massing pattern. The proposed apartment building massing and scale can be considered consistent with massing of properties in the immediate vicinity. The building incorporates traditional materials such as brick and includes details such as glass and banding at the street level which appears to add a human scale to the project. The project can be considered consistent with this policy. 3.11 Maintain the average perceived size of buildings at the sidewalk. Facade heights of new buildings should fall within the established range of the block, and respect the traditional proportions of height to width. Floor-to-floor heights should appear similar to those of traditional buildings in the area. The fagade height of the apartment building falls within the established range of building on the same block and across Alta Vista Street. The fagade heights are similar than other properties in the immediate vicinity. It is important to consider much of the development in the immediate vicinity are institutional buildings. 3.12 Traditional spacing patterns created by the repetition of uniform building widths along streets should be maintained. New facade widths should reflect the established range of the building widths seen on the block. Where a building must exceed this width, use a change in design features to suggest the traditional building widths. Changes in facade material, window design, facade height or decorative details are examples of techniques that may be considered. These variations should be expressed through the structure such that the composition appears to be a collection of smaller building modules. The facade width of the apartment building reflects the established range of the building widths on the same block and across Alta Vista Street. Both street facades of the building are broken up with recesses and not just a large unbroken expansive wall. The building width can be considered consistent with this guideline. 3.12 Traditional spacing patterns created by the repetition of uniform building widths along streets should be maintained. New facade widths should reflect the established range of the building widths seen on the block. Where a building must exceed this width, use a change in design features to suggest the traditional building widths. Changes in facade material, window design, facade height or decorative details are examples of techniques that may be considered. These variations should be expressed through the structure such that the composition appears to be a collection of smaller building modules. The fagade width of the proposed apartment building is similar to those currently on the block and in the vicinity. The proposed apartment buildings fenestration also helps break up the fagade and create a nice transition from the larger institutional building on the block to the residential and commercial buildings on University Avenue. The spacing patterns can be considered consistent with this guideline. 3.13 A new building should incorporate a base, middle and a cap. Traditionally, buildings were composed of these three basic elements. Interpreting this tradition in new buildings will help reinforce the visual continuity of the area. The proposed apartment building has a base, middle and cap. The project can be considered consistent with this guideline. 3.14 Position taller portions of a structure away from neighboring buildings of lower-scale. Where permitted by the base zoning, towers and other taller structures should be located to minimize looming effects and shading of lower- scaled neighbors. Buildings should step down towards lower-scaled neighbors, including adjacent historic properties and districts. A majority of the buildings on the block are of a larger scale. There is a newer commercial building that was constructed immediately to the south of the proposed building location. The zoning at the time allowed a 75 foot high building to be constructed. This building is approximately 30 feet in height. The proposed apartment building will be built in close proximity to this building and will be taller. 3.15 Establish a sense of human scale in building designs. Use vertical and horizontal articulation to break up large facades. Incorporate changes in color, texture and materials in building designs to help define human scale. Use architectural details that create visual interest and convey a three-dimensional facade. Use materials which help to convey scale through their proportions, detailing and form. Size and locate signs to engage pedestrians and help define building entries. The proposed apartment building changes the fagade depths, materials, colors, and textures to break-up and add interest to the fagades. The details convey a three-dimensional fagade(s) and human scale. The proposed apartment building can be considered consistent with this guideline. Building and Roof Form Policy: One of the most prominent unifying elements of the commercial area is the similarity in building form. Commercial buildings were simple rectangular solids, deeper than they were wide. This characteristic is important and should be continued in new projects. There are a variety of different roof forms in the neighborhood. The proposed building shares similarities in roof form some of these and can therefore be considered consistent with this policy. 3.16 Rectangular forms should be dominant on commercial facades. Rectangular forms should be vertically oriented. The facade should appear as predominantly flat, with any decorative elements, and projecting or setback "articulations", appearing to be subordinate to the dominant form. The facade appear predominantly flat with decorative elements and projecting or setback articulations. The proposed apartment building can be considered consistent with this guideline. 3.17 Roof forms should be similar to those used traditionally. Flat roofs are appropriate. "Exotic" roof forms, such as A-frames and steep shed roofs, are inappropriate. The roof form is flat and in keeping with the character of buildings in the vicinity and used traditionally. The project can be considered consistent with this guideline. Horizontal Alignment Policy: A strong alignment of horizontal elements exists along the street. Alignment is seen at the first floor level with moldings found at the top of display windows; at upper floor levels, alignment is found among cornices, window sills and headers. This alignment of horizontal features on building facades is one of the strongest characteristics of the street and should be preserved. It is important to note, however, that slight variations do occur, which add visual interest. Major deviations from these relationships, however, disrupt the visual continuity of the street and are to be avoided. The proposed apartment building incorporates horizontal elements in the roof features, banding, and windows. This articulation varies slightly from traditional horizontal features such as window sills and headers. The policy recognizes these slight variations can add interest provided they do not disrupt the visual continuity. The proposed apartment building can be considered consistent with this policy. 3.18 Maintain the general alignment of horizontal features on a building front. Typical elements that align include: window moldings, tops of display windows, cornices, copings and parapets at the tops of buildings. When large buildings are designed to appear as several buildings, there should be some slight variation in alignments between the horizontal facade elements. The horizontal features of the building are generally aligned. The apartment building can be considered consistent with this guideline. 3.19 Define the first and second floors of commercial type buildings with clearly distinguishable details. Changes in horizontal details and architectural panels may be used to help define the first and second floors. Changes in material, color, texture, and pattern or wall plane may be used to help define the first and second floors. Changes in material, banding and window fenestration help define the first and second floors. The apartment building can be considered consistent with this guideline. Solid-To-Void Policy: A typical building appeared to be a rectangular solid, with holes "punched" in the walls for windows and doors. Most commercial buildings have similar amounts of glass, resulting in a relatively uniform solid-to-void ratio. This ratio on a new building, the amount of facade devoted to wall surface as compared to that developed as openings, should be similar to that of traditional buildings within the neighborhood. The proposed apartment building has a uniform solid-to-void ratio and the amount of facade devoted to wall surface and openings is similar to traditional buildings within the neighborhood especially those buildings on the same block and across Alta Vista Street. The apartment building can be considered consistent with this policy. 3.20 Use a ratio of solid-to-void (wall-to-window) that is similar to that found on traditional commercial structures. Large surfaces of glass may be inappropriate. Divide large glass surfaces into smaller panes similar to those seen traditionally. The ratio of solid-to-void (wall-to-window) is similar to that found on traditional commercial structures. The apartment building can be considered consistent with this guideline. New Storefront Character Policy: The street level floors of historic Dubuque commercial buildings are clearly distinguishable from the upper floors. First floors are predominantly fixed plate glass with a small percentage of opaque materials with recessed entries. Upper floors are the reverse—opaque materials dominate, and windows appear as smaller openings puncturing the solid walls. These windows are usually double-hung. The street level is generally taller than the upper floors. Storefronts of 12 to 14 feet high are typical, whereas second floors of 10 to 12 feet are typical. This typical storefront character should be maintained. The proposed apartment building attempt to create a storefront appearance similar to traditional commercial buildings. The proposed apartment building can be considered consistent with this policy. 3.21 Maintain the distinction between the street level and the upper floor. The first floor of the primary facade should be predominantly transparent glass. Upper floors should be perceived as being more opaque than the lower floor. Highly reflective or darkly tinted glass is inappropriate. Express the distinction in floor heights between street levels and upper levels through detailing, materials and fenestration. The presence of a belt course is an important feature in this relationship. The primary fagade of the first floor is broken up with large expanses of glass with simulated bulkhead below them. The banding, material and fenestration helps create distinction in floor heights. The proposed apartment building can be considered consistent with this guideline. 3.22 Maintain the traditional spacing pattern created by upper story windows. Maintain the historic proportions of windows. Headers and sills of windows on new buildings should maintain the traditional placement relative to cornices and belt courses. The apartment building does attempt to replicate traditional headers, sills, cornices or beltcourses. Windows are traditionally spaced. The apartment building can be considered consistent with this guideline. 3.23 Maintain the pattern created by recessed entryways. Set the door back an adequate amount from the front facade to establish a distinct threshold for pedestrians. A recessed dimension of four feet is typical. Where entries are recessed, the building line at the sidewalk edge should be maintained by the upper floor(s). Use transoms over doorways to maintain the full vertical height of the storefront. Oversized and undersized interpretations are inappropriate. The submitted site plan shows a street entrance to the building located on the angle corner of the building. The entrance will be recessed and framed by a portico. The proposed apartment building can be considered consistent with this guideline. Surface Parking Policy: The visual impact of surface parking should be minimized. On-site parking should be subordinate to other uses and the front of the lot should not appear to be a parking area. Parking is planned behind the building and off Nevada Street. The proposed parking appears to meet this policy. 2.32 In commercial settings, locate a surface lot in the interior of a block whenever possible. This acknowledges the special function of corner properties. They are generally more visible than interior lots, serve as landmarks and provide a sense of enclosure to an intersection. Locate surface parking to the side of a building when it is not feasible to locate parking to the rear. The surface lot is located on the interior of the lot. The proposed parking appears to meet this guideline. CONCLUSION The proposed University Lofts project is consistent with the City's Architectural Guidelines. Please let me know if you have any questions or need additional information. Thank you. Prepared by Wally Wernimont, Assistant Planner Enclosures cc: Michael Van Milligen, City Manager Erica Haugen, Community Development Specialist F:\Users\LCARSTEN\WP\Housing Projects\University Lofts\Memo Alvin Nash University Lofts.doc .� -� - Elieihility of Proposed Desienation The petitioner believes the proposed Urban Revitalization Area meets eligibility criteria established in Section 404.1 of the Iowa Code undertwo of the Section criteria: 1) Section 404.1, Item 4 states an area may be designated as eligible if deemed appropriate as an economic development area under Section 403.17 of the Iowa Code. Item 10 of Section 403.17 defines an economic development area as "an area of a municipality designated by the local governing body as appropriate for commercial and industrial enterprises, public improvements related to housing and residential development,or co nstruction of housing and residential development for low to moderate income families, including single or multifamily housing" Section 403.17, Item 14 further defines "low to moderate income families" as "those families, including single person households, earning no more than eighty percent of the higher of the median family income of the county or the statewide nonmetropolitansrea as defined by the latest United States department of housing and urban development, section 8 income guidelines" The proposed revitalization will include a 52-unit multifamily development which will also be income restricted to residents earning no more than sixty percent of the area median income, qualifying the development as eligible to be designated as an appropriate economic development area under Section 404.1, Item 4 of the Iowa Code. 2) Section 404.1, Item 5 describes an eligible area as "an area designated as appropriate for public improvements related to housing and residential development, or construction of housing and residential development, including single or multifamily housing". As stated previously,the proposed revitalization will include a multifamily development which will serve low to moderate income residents.The current zoning classification of the area is Office Residential.This zoning classification indicates residential multifamily as an appropriate use in the proposed Urban Revitalization Area. 1 www.mvg.com Legal Description Being part of a 5.48 acre tract currently conveyed to Church of the Nativity (current Parcel ID#1025101003), Dubuque County, Iowa, and more particularly described as follows: Beginning at the intersection of the north right-of-way line of University Avenue with the westerly right-of-way of Alta Vista Street; Thence from said point of beginning, with said northerly right-of-way line, South 79°00'00" West,for a distance of 226.07 feet, Thence leaving said right-of-way line, with the westerly line of the aforementioned tract on the following two (2) courses and distances: 1. North 09'00'00 West, for a distance of 99.36 feet; 2. North 40'00'00" West,for a distance of 45.31 feet; Thence along a new division line, North 58°00'00" East, for a distance of 178.47 feet to the aforementioned westerly right-of-way line of Alta Vista Street. Thence with said westerly right-of-way line, South 32°00'00" East, for a distance of 217.04 feet to the point of beginning, containing approximately 0.78 +/- of an acre and being subject to any easements, restrictions, covenants, ordinances, or conditions of record. This legal description is not based on field verified boundary or boundary retracement survey. $ f2 0 J LLI W Cn Q w E � � E� pl 000lb o; 0. 78AC, f \ 8 Z o PT. PARCEL # 1025101003 ° I p o � 9°0o,�0„W 226.o7 � 57 II EX R/W — — _ - Sj-r ,AV E° _ _ - � UNIVER - W _ ice° ixmns DMW aEa°n GRAPHIC SCALE .. p 20 40 80 wwa wsa TRE NOTE. PLAT MAP EXHIBIT NOT BASED ON ACTUAL RELD BOUNDARY SURVEY ( IN FEET ) SPI 1 INCH = 40 FT. .� -� Valuation of Property Based on the attached info card for the property, a portion of which the petitioner wishes to designate as an Urban Revitalization Area,the following value has been determined for the Revitalization Area. Building $333,010.00 *Land 167,285.32 TOTAL $500,295.32 * Urban Revitalization Area is 1.4 acres. Property area is 5.484 acres.Value determined by applying the percentage of the property occupied by the Urban Revitalization Area (25.53�J,to the total value of the land, $655,250. 1 www.mvg.com j'�:'Ta:'TIAITi(•.: •"irY.c'.ar- •';r. �✓!;:.c9 - rJ-•. L -l• '-YoP 16i1T "v'j�='i.�F if'i f.-�`,' •r..,, PQPI1 +7025100 D'bique:City;Assessof ORiCING R3.. nxs ALTA VISTA ST,DUBUQUE Deed: CHURCH OF THE NATIVITY Map Area:705-HILL W CENTRAL Checks/Tegs: Contract: Route: 000-000-000 Lister/Date: CID#: Tax Dist: DUBA Review/Date: DBA: Plat Page: Entry Status: Urban/Exempt MLS: Subdiv: NOT IN A FLOOD PLAIN Legal: CHURCH OF THE NATIVITY PL Land Basis Front Rear Side 1 Side 2 R.Lot SF Acres Pagh EFF Quai./Land Unit Price Total Topo Econ Othe $Adj 'r T Acres x Rate 217,800.00 5.000 C-925 $125,000.00 $625,000 0% 0% 0% $625,000 Acres x Rate 21,083.04 0.484 C-700 $62,500.00 $30,250 0% 0% 0% $30,250 Grand Total 238,883.04 5.484 $655,250 $655,250 "N MON ',. Land Slte Items .`, ;` x ,'-,`i�� i. %1 �5" N} .. y Acres x Rate I Street:None I Utilities:None I Zoning:Not Applicable Acres x Rate Street:None Utilities:None Zoning:Not Applicable Perr�rrts `> '' Valued Date $Amount NUTC Recording Date Number Tee $Amount Reason Type Appraised B of R St.Equaled Prior Yr:2010 5/9/2016 434-16 N $238,000 Roof Land _ $257,830 4/8/2011 248-11 Y $0 Plumb/Elec LandC $655,250 $257,830 1114/2010 1024-10 Y $0 Plumb/Elec Dwig $3,480,000 11/3/2010 1703-10 Y $1,800 Fire Supp System Impr $3,528,170 $3,480,000 $3,737,830 Total $4,183,420 $3,737,830 - a r.'-`_IIL SYi-: •y•h;NC' ?i ,�,':�:� � •'•rsi. r „f- -W't.. •. Item Descrl Ions Size 1 bm fi :s..r:°' _ Lc YiGrade :Fct ' :Value [V., ?` •r'•� YY-Yr r+-1•J-• ' '*S•r'r:v:..,t. Count Adjustments Units NN 's x i§^ Y °aa' .i x Y_,cCoi d Yesr �Pwfi�' a n°b"s y EObs u�r y, (RFnd two do)fa Map $I ad to. 10) 1 of 4 Pc BRICK CHURCH RCN:$8,999,779 Bldg 0814-Church Obs: La,Oc 4 P814-Church 18,492 Style:Class 3 NML 1967 0.950 45 50 $2,474,939 1.000 $2,474,940 (+)Basement 18492 Wall Hght 37 Peak Hght 83 Cubic Feet 1109520 Commercial Bldg TOTAL $2,474,940. 2 of 4 Pc 1S BRK RCN:$507,253 Bldg 0501-Office-General Obs: La,Oc,Va 4 P501-Office-General 5,900 Style:Brick Veneer-Wood NML 1969 0.950 43 50 $144,567 1.000 $144,570 (+)Basement 5900 1st Fir Inset Ad) Sq.Feet 0 .Commercial Bldg TOTAL $144,570 3 of 4 PC 1S BRKRCN:$1,607,353 Bldg 0705-Hotel/Motel Common Facilities Obs: La,Oc,Va 4 P705-Hotel/Motel Common Facilities 20,684 Style:Brick Veneer-Wood NML 1923 0.950 40 50 $482,206 1.000 $482,210 PDF+PIN:008+1026101003 CHURCH OF THE NATIVITY Tue,9/27/2016,2:14 PM -Page 2 "MMM0,4rmd m MG7" WRAn, MMgiINItIffia fi & ' W MNFaMDeoIVWA HE" -6 IN Basement 20684 1st Fir Inset Adj Sq.Feet 0 ommercial-19 0 lld� IT 4 of 4 Pc 2S B BRK RCN:$1,665,027 Bldg 0717-School-Class Room Obs: La,Oc,Va 4 P717-School-Class Room 6,420 Style:Class 3 NML 1923 0.950 so so $333,005 1.000 $333,010 Basement 6420 S M Commercial Bldg TOTAL 4M0 - �rt 05, Yrd Paving-Asphalt 73,000 SF,Asphalt Parking, 0 Avg Pricing NML 2000 36 $93,440 1.000 $93,440 Vu�T 7'. -7 Yard Eitra(s)TOTAL $93 4410, Prior .n ft ff Value Loc Class Land Value DNejffrjq Value Improvement Value M_Aq.,V Total Value 2010 BofR $257.830 $0 $3,480,000 $0 $3,737,830 2011 BofR Urban Ex $257,830 $0 $3,480.000 $0 $3,737,830 2012 BofR Urban Ex $257,830 $0 $3,480,000 $0 $3,737,830 2013 BofR Urban Ex $257,830 $0 $3,480,000 $0 $3,737,830 2014 BofR Urban Ex $257,830 $0 $3,480.000 $0 $3,737,830 2015 BofR Urban Ex $257,830 $0 $3,480,000 $0 $3,737,830 2016 BofR Urban Ex $257.830 $0 $3,480,000 $0 $3,737,830 o ART. Iq A "A OiBeacon`m Dubuque County, 1A Summary Parcel ID 1025101003 I's AlternatelD Property Address ALTA VISTA ST DUBUQUE IA 52001 SecJTwp/Rng N/A Dust Tax Description CH URCH OF TH E NATIVITY PL (Nate:Notto be used an legal documents) Deed!Book/Page Contract Book/Page GrossAcres 000 NexAcres 000 Class E-Exempt and State Assessed (Nate:TMs is For tax purposes only Nat to be used for zoning) District DUBA-DUBUQUECITY/DBQCCMMSCH School District DUBUQUE COMM SCHOOL DI ST Owners Deed Holder Contract Holder MailmgAddress Church&The NatlVan Church&The Nat Van 1225 Alta Vista St 1225 Alta Vista St DubuquelA52001 DubuquelA52001 Land Lo[Area 548Acres238,883SF Commercial Buildings Building 1: Church,l Story Buil[-196]18492 S5 Barg 184G2 SF, Condldon-Normal Building 2: Office General LSI-1969,5900SF Bsmt-5900SF Condldon-Normal Building 3: Hotel/Motel Common Each Has 1 Storyi Bull[-1923,20684 SF Barg 20684 SF Condldon-Normal Building4 Schaal -Class Roam 2Story Buil[-1923,6420SF Bsm[-6420SF, Condldon-Normal Yard Extras #1-(1)Paying;-Asphalt 73iPOP SF Asphalt Parking Average Pricing,But 2000 Valuation 2016 2015 2014 2013 Classification Exempt And State Exempt And State ExemptAnd State Exempt And State Assessed Assessed Assessed Assessed ♦ Assessed Land Value $257,830 $257,830 $257,830 $0 ♦ Assessed Building;Value $3480 POP $3480000 $3480000 $31737,830 ♦ Assessed Dwelling Value $0 $0 $0 $0 Year Due Date Antral Paid 2015 Date 1NM9 Re@@pS - Gross Assessed Value $3,737,830 $3,]3],830 $3,]3],830 $3,]3],830 - ExemptVzlue ($3737,830) ($3737,830) ($3737,830) ($3737,830) - NHAssessed Value $0 $0 $0 $0 Taxation 2015 2014 2013 ♦ Taxable Land Value $0 $0 $0 ♦ Taxable Building Value $0 $0 $0 ♦ Taxable Dwelling Value $0 $0 $0 - Gross Taxable Value $0 $0 $0 - MIIItaryCredit $0 $0 $0 - NetTaxable Value $0 $0 $0 x levy Rate(per$1000of value) 3401012 33 01933 33 02504 - Gross Taxes Due $OW $OW $OW - Ag Land Credit $000 $000 $000 - Family Farm Cretllt $000 $000 $000 - Homestead Cretllt $000 $000 $000 - Disabled and Senior Citizens Cretllt $000 $000 $000 - Business Property Cretllt $000 $000 $000 - NHTaxes Due $OW $OW $OW Pay Property Taxes CIIN M1crc to crJ crPoc Cnnnb Trm en m Te wcM1 elM1a Tax History Year Due Date Amount Paid Date Paid Receipt 2015 March 2017 $0 No 352593 September 2016 $0 No 2014 March 2016 $0 No 301885 September 2015 $0 No 2013 March 2015 $0 No 238846 September 2014 $0 No Photos \\ rN View Map View Man Old beretatest dr vetbe new beta map site Sketches 46 CHUR H [184921 9. 16 74 L2 6'1 CI'4. 32 92 78 222 5 48 �4 14 22 U 3 HA L �206841 -F5 52 24 5 4� 16 LJ7 54 4. 32 3, 18 SCH OL [64201 142 7 18 h 12 38 4F 78 24 10 22 22 o� 142 068;1 74 ':a::[:lSjL6 47F--------2----4'L 1.8 46 F4---112 4. CHU114921 in 9. sso-nM��+-mimn No data available for the following modules:Residential Dwel I!ngs,Agricultural Bui Idings,Sales,County Treasurer Notes,Tax Sale Certificates, Show Deed/Contract. The information in this web site represents current data from a worki ng fi le which is updated regularly.Information is believed reliable, but its accuracy cannot be guaranteed.No warranty,expressed or implied,is provided for the data herein or its use. ^� Developed by Schrreider The Schneider Corporation Dubuque Planning Services Department THE CRY OF City Halt-50 West 13'^Street Dubuque,IA 52001-4805 (563)589-4210 phone U$ E t I I I I•' (563)5891221 fax (563)690-6678 TDD Masterpiece on the Mississippi 2W-NU•mu planning@cityofdubugue.ore September 27, 2016 Miller-Valentine Group Attn: Josh Hughes 9349 Water Stone Blvd Cincinnati OH 45249 Dear Mr. Hughes: The property located at the northwest corner of University Avenue and Alta Vista Street is zoned OR Office Residential District. The OR District allows multi-family dwellings as a permitted use. The proposed University Lofts project is compliant with the OR District. Please contact me with any questions. Sincerely, Kyle L. Kritz Associate Planner Service People Integrity Responsibility Innovation .� -� Annlicahility of Proposed Desienation The proposed revitalization is applicable to all of the property in the proposed Urban Revitalization Area. Currently,the property is assessed as Exempt and State Assessed.The proposed revitalization is limited to new construction only. 1 www.mvg.com .� -� Relocation No persons,families, or business concerns will be displaced as a result of the proposed improvements. 1 www.mvg.com .� -� - .Proposed Improvements The proposed improvements to the Urban Revitalization Area will contribute to the development and construction of a proposed 52-unit multifamily apartment community, University Lofts. Development of the site will involve construction of a four-story multifamily building at the intersection of Alta Vista Street and Unive rsity Aven ue.The proposed development will be constructed of high- quality materials with utmost respect for local architectural standards.To ensure the proper amount of parking is provided forthe residents of the proposed community,the existing school building will be demolished and an additional entrance to the parking area added.This im prove ment will create approximately 73 additional parking spaces forthe residents of the development. Amenities of the development will include community space,fitness center, business center, and picnic shelter, as well as professional onsite management. University Lofts will be managed by MV Residential Property Management, Inc. who has over 20 yea rs of experience managing this type of development. The development will also provide residents access to a comprehensive supportive service package. Residents will be connected with local service agencies who can provide homeownership counseling, financial literacy training,workforce education, and several other services that will be specifically beneficial to them. 1 www.mvg.com .� -� Anticipated Impact of Improvements It is anticipated that the proposed improvements to the Urban Revitalization Area will increase the value of the land by approximately$1.SSM, resulting in a new land value of approximately$1.72 M. These improvements will not only increase the tax base, but they will also provide 52 units of high quality, affordable housing to the residents of Dubuque. Thus,these improvements will yield both social and economic benefits for the city. 1 www.mvg.com .� -� Fundine Sources The proposed development will utilize the following funding sources: • LIHTC Equity • Perm Loan • Tax Abatement Loan • Deferred Developer Fee 1 www.mvg.com .� -� Economic Justification The requested abatement will haveasignificant impact on the feasibility of this project. Without the abatement,this project will not score enough points on its LIHTC application to make it competitive. Moreover, without this abatement,the project will not meet IFA underwriting requirements and will not be financially viable. The following cash flow analyses demonstrate the substantial im pact this abatement will have on the project. The first analysis shows the project with the abatement, while the second analysis shows the project without the abatement. 1 www.mvg.com .� -� - Summary Statement Current Condition of Property The site is currently developed with an approximately 14,000 square foot building most recently used as an annex for the north adjacent school.The remaining area of the site consists of a parking lot and vacant grassed land. By 1909,the southern portion of the site was developed with a rectory. In 1956,an annex associated with the school to the north was constructed on the northern portion of the site. Between 1964 and 1970,the rectory was razed. By 1982,the parking area in the southern portion of the site was paved. The former location of the rectory was used as a playground until approximately 2006 when the use of the school was stopped. From 2006 to the present,this area has remained vacant grassed land.The site remains unchanged through the present. Impact of Proposed Improvements The proposed multifamily development will have a positive impact on the existing property as well as the surrounding neighborhood.The demolition of the vacant former school building will be converted into parking for the development and in turn remove a vacant structure with potential to become blighted.The vacant former playground will become the home of high quality housing development that will provide a quality housing option forfa milies who seekto live near Church of the Nativity, Nativity Grade School, or the campuses of Unive rsity of Dubuque and Loras College. Necessity of Abatement The requested abatement is necessary to the project for several reasons. First,this abatement is an important point-scoring item on the IFA LIHTC application. Projects that are able to secure local incentives (such as an URTE) can score eight (8) additional points on their LIHTC applications. Due to changes in the scoring structure from last year's QAP, it is anticipated that there will belittle variation among scores in this year's allocation round. Therefore, securing this abatement is absolutely essential to making this project competitive. Second, without the abatement,this project will be forced to take on additional permanent debt in orderto keep the deferred developerfee within IFA limits. However, this additional debt will result in a 15-year debt service coverage ratio that falls outside of IFA's underwriting guidelines. Finally, without the abatement,the l5-year cash flow for this project will not be sufficient to pay down the deferred developerfee. Thus,the requested abatement is critical to the financial feasibility of this project. Eligibility under Section 404.Iof the Iowa Code The proposed development will include a 52-unit multifamily community which will also be income restricted to residents earning no more than sixty percent of the area median income, qualifying the 1 www.mvg.com .� -� development as eligible to be designated as an appropriate economic development area under Section 404.1, Item 4 of the Iowa Code. 1 www.mvg.com UNIVERSITY LOFTS SOURCE AND USE OF FUNDS % of Total Monthly Debt Annual Debt Description Total Sources Rate Term (Months) Amortization Service Service Limited Partner- Low Income Housing Tax Credit Equity 8,281 ,172 81 .59% Perm 1 ,150,000 11 .33% 6.00% 216 360 6,895 82,738 Deferred Developer Fee 393,483 3.88% 0.00% 144 144 2,733 Abatement Loan 325,000 3.20% 6.00% 120 120 3,608 GP/MM Contribution 100 0.00% 0.00% 360 360 0 Total Sources: 10,149,756 100.00% Low Income Historic Eligible Qualified Acquisition Const/Rehab Rehab Site Personal Funded Non-Eligible Per Unit Basis Basis Expenditures Improvements Pro pert Expense Basis Other Acquisition Costs Land 300,000 5,769 - - 300,000 Construction Costs Residential Structures (includes permits) 5,096,000 98,000 - 5,096,000 - - On-Site Improvements 936,000 18,000 - 936,000 936,000 - Off-Site Improvements (Demo) 200,000 3,846 - - - - - - - 200,000 Construction Contingency 361 ,000 6,942 - 361 ,000 - - - - - - General Requirements 303,200 5,831 - 303,200 - - - - - - Builder Profit 303,200 5,831 - 303,200 - - - - - - Builder Overhead 151 ,600 2,915 - 151 ,600 - - - - - - Bonds - - - - - - - - - Water/ Sewer/ Impact Fees 50,000 962 - 50,000 - - - - - - Builder's Risk Insurance 20,000 385 - 20,000 - - - - - - Permits 20,000 385 - 20,000 - - - - - - Transaction Costs Architectural Fees 170,000 3,269 - 170,000 - - - - - - Engineering Fees 60,000 1 ,154 - 60,000 - - - - - - Third Party Studies (Enviro / Historic) / Survey 55,000 1 ,058 - 55,000 - - - - - - Taxes During Construction 15,000 288 - 15,000 - - - - - - Soft Cost Contingency 60,000 1 ,154 - 60,000 - - - - - - Cost Certification /Audit 20,000 385 - 20,000 - - - - - - Legal - Basis 50,000 962 - 50,000 - - - - - - Legal - Non-Basis 50,000 962 - - - - - 50,000 - - Tax Credit Fees - Reservation 83,760 1 ,611 - - - - - 83,760 - - Tax Credit Fees - 8609 Application 9,214 177 - - - - - 9,214 - - Tax Credit Fees - Application 2,500 48 - - - - - 2,500 - - Tax Credit Fees - Construction Monitoring 2,500 48 - - - - - 2,500 - - Tax Credit Fees - Compliance 1 ,300 25 - - - - - 1 ,300 - - Tax Credit Fees - Market Study 4,500 87 - 4,500 - - - - - - Market Study/Appraisal 15,500 298 - 15,500 - - - Predevelopment Loan Interest 23,728 456 - 23,728 - - - - Financing Costs Perm loan orig fee 11 ,500 221 - - - - - 11 ,500 Construction loan orig fee 67,150 1 ,291 - 67,150 - - - - Title & Recording - Construction & Perm 30,000 577 - - - - - 30,000 Construction Monitoring 20,000 385 - 20,000 - - - - Operating Reserve 172,251 3,313 - - - - - - 172,251 Construction Interest 227,853 4,382 - 159,497 - - - 68,356 - Other Costs New Construction/Rehab - Developer Fee 1 ,137,000 21 ,865 - 1 ,137,000 - - - - - Rent Up 45,000 865 - - - - - 45,000 Marketing 25,000 481 - 25,000 Syndication Fee - - - - Clubhouse Furnishings 50,000 962 - 50,000 - - - Total Uses: 10,149,756 195,188 - 9,148,376 936 000 217,630 783,751 UNIVERSITY LOFTS PROJECTED CASH FLOW - NOI Property Total Total Real Estate Tax Total Replacement Gross Market Net Other Effective Gross Operating Management Taxes Abatement Expenses Net Operating Reserves Construction Permanent Cash Flow DSC Year Rental Income Income Vacancy Rental Income Expenses Fee Income Debt Service Debt Service 2019 32,305 2,585 (13,042) 175,852 (139,088) (10,551) (5,512) - (155,151) 20,701 (9,267) (41 ,792) (30,358) 2020 59,640 5,803 (29,073) 392,062 (185,450) (23,524) (52,790) 47,669 (214,095) 177,967 (20,800) (20,896) (94,527) 41,744 1 .66 2021 60,828 5,919 (29,655) 399,901 (191 ,014) (23,994) (53,174) 48,053 (220,129) 179,772 (21 ,424) (126,036) 32,312 1 .26 2022 62,052 6,038 (30,248) 407,898 (196,744) (24,474) (53,546) 48,425 (226,339) 181 ,559 (22,067) (126,036) 33,457 1 .27 2023 63,293 6,158 (30,853) 416,056 (202,646) (24,963) (53,905) 48,784 (232,731) 183,325 (22,729) (126,036) 34,561 1 .27 2024 64,559 6,282 (31 ,470) 424,377 (208,726) (25,463) (54,250) 49,129 (239,309) 185,068 (23,411) (126,036) 35,621 1 .28 2025 65,850 6,407 (32,099) 432,865 (214,987) (25,972) (54,580) 49,459 (246,080) 186,784 (24,113) (126,036) 36,636 1 .29 2026 67,167 6,535 (32,741) 441 ,522 (221 ,437) (26,491) (54,894) 49,773 (253,049) 188,473 (24,836) (126,036) 37,600 1 .30 2027 68,510 6,666 (33,396) 450,352 (228,080) (27,021) (55,191) 50,070 (260,222) 190,130 (25,581) (126,036) 38,513 1 .31 2028 69,881 6,799 (34,064) 459,359 (234,923) (27,562) (55,469) 50,348 (267,605) 191 ,754 (26,349) (126,036) 39,370 1 .31 2029 71 ,278 6,935 (34,745) 468,547 (241 ,970) (28,113) (55,729) 50,608 (275,204) 193,343 (27,139) (126,036) 40,167 1 .32 2030 72,704 7,074 (35,440) 477,918 (249,229) (28,675) (55,968) (333,872) 144,045 (27,953) (93,562) 22,529 1 .24 2031 74,158 7,216 (36,149) 487,476 (256,706) (29,249) (56,186) (342,141) 145,335 (28,792) (82,738) 33,805 1 .41 2032 75,641 7,360 (36,872) 497,225 (264,407) (29,834) (56,381) (350,622) 146,604 (29,656) (82,738) 34,210 1 .41 2033 77,154 7,507 (37,609) 507,170 (272,340) (30,430) (56,552) (359,322) 147,848 (30,546) (82,738) 34,565 1 .42 2034 78,697 7,657 (38,361) 517,313 (280,510) (31 ,039) (56,698) (368,246) 149,067 (31 ,462) (82,738) 34,867 1 .42 Total 1 ,063,717 102,943 (515,814) 6,955,894 (3,588,256) (417,354) (830,824) 492,317 (4,344,117) 2,611 ,777 (396,124) (62,688) (1 ,653,365) 499,600 Average DCR must be between 1 .20 & 1 .40 1 .34 Operating Expenses University Lofts Annual Description Annual Expense Expense/Unit Property Management Fee 23,524 452 Advertising/Marketing 5,200 100 Administrative 13,000 250 Building/Services 25,750 495 Grounds 11 ,700 225 Maintenance 13,000 250 Payroll 58,500 1 ,125 Turnover 6,000 115 Utilities 31 ,200 600 Project Operating Expenses 187,874 3,613 Real Estate Taxes 52,790 1 ,015 Property Insurance 14,300 275 Audit Compliance 5,500 106 Fee 1 ,300 25 Non Operating Expenses 73,890 1 ,421 Total Trended Expenses 261 ,763 5,034 Replacement Reserves 20,800 400 UNIVERSITY LOFTS SOURCE AND USE OF FUNDS % of Total Monthly Debt Annual Debt Description Total Sources Rate Term (Months) Amortization Service Service Limited Partner- Low Income Housing Tax Credit Equity 8,281 ,172 81 .47% Perm 1 ,500,000 14.76% 6.00% 216 360 8,993 107,919 Deferred Developer Fee 383,673 3.77% 0.00% 144 144 2,664 GP/MM Contribution 100 0.00% 0.00% 360 360 0 Total Sources: 10,164,946 100.00% Low Income Historic Eligible Qualified Acquisition Const/Rehab Rehab Site Personal Funded Non-Eligible Per Unit Basis Basis Expenditures Improvements Pro pert Expense Basis Other Acquisition Costs Land 300,000 5,769 - - 300,000 Construction Costs Residential Structures (includes permits) 5,096,000 98,000 - 5,096,000 - - On-Site Improvements 936,000 18,000 - 936,000 936,000 - Off-Site Improvements (Demo) 200,000 3,846 - - - - - - - 200,000 Construction Contingency 361 ,000 6,942 - 361 ,000 - - - - - - General Requirements 303,200 5,831 - 303,200 - - - - - - Builder Profit 303,200 5,831 - 303,200 - - - - - - Builder Overhead 151 ,600 2,915 - 151 ,600 - - - - - - Bonds - - - - - - - - - Water/ Sewer/ Impact Fees 50,000 962 - 50,000 - - - - - - Builder's Risk Insurance 20,000 385 - 20,000 - - - - - - Permits 20,000 385 - 20,000 - - - - - - Transaction Costs Architectural Fees 170,000 3,269 - 170,000 - - - - - - Engineering Fees 60,000 1 ,154 - 60,000 - - - - - - Third Party Studies (Enviro / Historic) / Survey 55,000 1 ,058 - 55,000 - - - - - - Taxes During Construction 15,000 288 - 15,000 - - - - - - Soft Cost Contingency 60,000 1 ,154 - 60,000 - - - - - - Cost Certification /Audit 20,000 385 - 20,000 - - - - - - Legal - Basis 50,000 962 - 50,000 - - - - - - Legal - Non-Basis 50,000 962 - - - - - 50,000 - - Tax Credit Fees - Reservation 83,755 1 ,611 - - - - - 83,755 - - Tax Credit Fees - 8609 Application 9,213 177 - - - - - 9,213 - - Tax Credit Fees - Application 2,500 48 - - - - - 2,500 - - Tax Credit Fees - Construction Monitoring 2,500 48 - - - - - 2,500 - - Tax Credit Fees - Compliance 1 ,300 25 - - - - - 1 ,300 - - Tax Credit Fees - Market Study 4,500 87 - 4,500 - - - - - - Market Study/Appraisal 15,500 298 - 15,500 - - - Predevelopment Loan Interest 23,728 456 - 23,728 - - - - Financing Costs Perm loan orig fee 15,000 288 - - - - - 15,000 Construction loan orig fee 67,000 1 ,288 - 67,000 - - - - Title & Recording - Construction & Perm 30,000 577 - - - - - 30,000 Construction Monitoring 20,000 385 - 20,000 - - - - Operating Reserve 184,841 3,555 - - - - - - 184,841 Construction Interest 226,808 4,362 - 158,766 - - - 68,043 - Other Costs New Construction/Rehab - Developer Fee 1 ,137,300 21 ,871 - 1 ,137,300 - - - - - Rent Up 45,000 865 - - - - - 45,000 Marketing 25,000 481 - 25,000 Syndication Fee - - - - Clubhouse Furnishings 50,000 962 - 50,000 - - - Total Uses: 10,164,946 195,480 - 9,147,794 936 000 217,311 799,841 UNIVERSITY LOFTS PROJECTED CASH FLOW - NOI Gross Property Total Total Real Estate Tax Total Replacement Affordable Gross Market Net Other Effective Gross Operating Management Net Operating Construction Permanent Cash Flow DSC Year Rental Income Rental Income Income Vacancy Rental Income Expenses Fee Taxes Abatement Expenses Income Reserves Debt Service Debt Service 2019 154,003 32,305 2,585 (13,042) 175,852 (139,088) (10,551) (5,512) (155,151) 20,701 (9,267) (41 ,083) (29,649) 2020 355,692 59,640 5,803 (29,073) 392,062 (185,450) (23,524) (52,790) (261,763) 130,299 (20,800) (20,542) (80,939) 8,018 1 .35 2021 362,808 60,828 5,919 (29,655) 399,901 (191 ,014) (23,994) (53,174) (268,181) 131 ,719 (21 ,424) (107,919) 2,376 1 .02 2022 370,056 62,052 6,038 (30,248) 407,898 (196,744) (24,474) (53,546) (274,764) 133,134 (22,067) (107,919) 3,149 1 .03 2023 377,457 63,293 6,158 (30,853) 416,056 (202,646) (24,963) (53,905) (281 ,515) 134,541 (22,729) (107,919) 3,894 1 .04 2024 385,006 64,559 6,282 (31 ,470) 424,377 (208,726) (25,463) (54,250) (288,438) 135,939 (23,411) (107,919) 4,609 1 .04 2025 392,706 65,850 6,407 (32,099) 432,865 (214,987) (25,972) (54,580) (295,539) 137,325 (24,113) (107,919) 5,293 1 .05 2026 400,561 67,167 6,535 (32,741) 441 ,522 (221 ,437) (26,491) (54,894) (302,822) 138,700 (24,836) (107,919) 5,944 1 .06 2027 408,572 68,510 6,666 (33,396) 450,352 (228,080) (27,021) (55,191) (310,292) 140,061 (25,581) (107,919) 6,560 1 .06 2028 416,743 69,881 6,799 (34,064) 459,359 (234,923) (27,562) (55,469) (317,953) 141 ,406 (26,349) (107,919) 7,138 1 .07 2029 425,078 71 ,278 6,935 (34,745) 468,547 (241 ,970) (28,113) (55,729) (325,812) 142,735 (27,139) (107,919) 7,676 1 .07 2030 433,580 72,704 7,074 (35,440) 477,918 (249,229) (28,675) (55,968) (333,872) 144,045 (27,953) (107,919) 8,173 1 .08 2031 442,251 74,158 7,216 (36,149) 487,476 (256,706) (29,249) (56,186) (342,141) 145,335 (28,792) (107,919) 8,624 1 .08 2032 451 ,096 75,641 7,360 (36,872) 497,225 (264,407) (29,834) (56,381) (350,622) 146,604 (29,656) (107,919) 9,029 1 .08 2033 460,118 77,154 7,507 (37,609) 507,170 (272,340) (30,430) (56,552) (359,322) 147,848 (30,546) (107,919) 9,384 1 .09 2034 469,320 78,697 7,657 (38,361) 517,313 (280,510) (31 ,039) (56,698) (368,246) 149,067 (31 ,462) (107,919) 9,686 1 .09 Total 6,305,048 1 ,063,717 102,943 (515,814) 6,955,894 (3,588,256) (417,354) (830,824) (4,836,434) 2,119,460 (396,124) (61 ,625) (1 ,591 ,807) 69,904 Average DCR must be between 1 .20 & 1 .40 1 .08 Operating Expenses Subject Property Annual Description Annual Expense Expense/Unit Property Management Fee 23,524 452 Advertising/Marketing 5,200 100 Administrative 13,000 250 Building/Services 25,750 495 Grounds 11 ,700 225 Maintenance 13,000 250 Payroll 58,500 1 ,125 Turnover 6,000 115 Utilities 31 ,200 600 Project Operating Expenses 187,874 3,613 Real Estate Taxes 52,790 1 ,015 Property Insurance 14,300 275 Audit 5,500 106 Compliance Fee 1 ,300 25 Non Operating Expenses 73,890 1 ,421 Total Trended Expenses 261 ,763 5,034 Replacement Reserves 20,800 400 � 3 5 I 11 \1 0 • SLI , �� Lei to. :y a w r—' .� -� Manaeement Plan MV Residential Property Management, Inc. ("MVRPM") will serve as property manager University Lofts. MVRPM's tax credit management experience dates back to 1994, when the Miller-Valentine Group was awarded its first tax credit deal in Ohio. Since the n, MVRPM has grown su bsta ntia lly and has managed over 100 tax credit properties, including 3 in the state of Iowa. MVRPM has always been committed to finding ways to further enrich the lives of its residents. For University Lofts, MVRPM will coordinate with local lead agencies to provide residents with a wide va riety of supportive services. These services include: • Access to childcare • Credit counseling • Fina ncial lite racy tra in ing • Education/training programs • lobs programs • Healthcare referral • Transportation The following Management Plan outlines other policies that MVRPM will implement for University Lofts. 1 www.mvg.com MANAGEMENT PLAN 1. The Role and Responsibility of the Owner and Its Relation and Delegation of Authority Lo the Management Agent. a. Vice President of MV Residential Property Management, Inc. has executive responsibility for all decisions of the Managing Agent. The District Managers have delegated to them the authority for daily decisions and the responsibility to make emergency decisions. Unusual problems will be referred to the Vice President for his decision. The District Manager will supervise the Community Managers. b. The Managing Agent must consult on any matter other than normal operating items and emergency maintenance items. The Owner will be advised immediately of such emergency items. C. The Managing Agent will make decisions on all routine matters without consulting the Owner. e. The Managing Agent will meet with designated Representatives of the Owner to discuss issues on a regular pre-designated monthly schedule or more frequently if the need arises. f. The Managing Agent is responsible for coordinating social service programs and contacting appropriate social agencies. g. The responsibilities of the Owner and Managing Agent are clearly defined in the Management Agreement and do not overlap. h. The management fee pays those expenses incurred by the Managing Agent for providing supervisory personnel to assure that the on-site personnel are adequately trained to perform their respective duties which includes but is not limited to proper selection of residents, proper computation and collection of rent. The management fee pays expenses incurred by the Managing Agent in providing adequate supervision to see that the requirements of the Management Plan are implemented and effected. 2. The following expenses will be borne directly by the Property: a. Salary, and bonus for site Manager, leasing and administrative staff (as needed). b. Salary for maintenance, custodial and lawn staff (as needed). C. Maintenance and repairs. 1 d. The following management services are performed by the Central Office accounting system and will be billed to the Property as an operating expense: a. Technical support fees for the computers and software licenses will be billed to the Property based on the number of computers and licenses on site at a cost of $175 per computer per month and $1200 annually per property license. b. Other supportive services may include but not limited to Marketing, www.YourNextPlaceToLive.com Website, Call Center, and Buyer's Access procurement service, will be billed on an actual cost per unit basis. C. Routine Section 42 compliance services will be performed at no extra charge to the Property. Extraordinary services, such as defense of non-compliance claims, advanced training, and others will be provided at a charge to be agreed to by the Owner and the Agent. 3. Personnel Policy and Staffing. a. Managing Agent will hire, supervise and discharge all employees and contractors in accordance with all applicable federal, state and local laws, regulations and ordinances, including but not limited to all Equal Opportunity Laws. b. If positions become available, any qualified Property residents will be considered. C. The staffing needs of the Property are: One Community Manager One Maintenance Person (1) The Community Manager's duties are as follows: Marketing apartments. Resident selection. Processing of all applicable forms. Timely submission of all required reports. Rent collection. Coordinating maintenance activities. Community inspections. Processing service requests. Budget monitoring / Cost Control. Providing daily direction and supervision of leasing and maintenance staff. Any additional duties as prescribed by the District Manager or Vice President (2) The maintenance person's duties are as follows: 2 Maintain curb appeal which includes maintaining the condition and appearance of the property. Refurbish vacant units as quickly as possible. Handle resident service requests within 24 hours. Notify Manager of Life/Safety issues. Notify Manager of illegal activity. Any additional duties as prescribed by the District Manager or Vice President d. Personnel Policy: (1) All employees are to have ample training and promotion opportunities. These may include an orientation program for the office staff, attendance at seminars sponsored by HUD, the local Apartment Association and other appropriate trade organizations. Promotion opportunities will be made available to our employees. (2) Fringe benefits include the availability of a 401K plan, group medical insurance plan, life insurance, paid vacation each year based on longevity and seven (7) paid holidays per year. (3) Any personnel decision at the Property level can be appealed to the Human Resources Director at Managing Agent's Central Office. (4) All employees are expected to give at least three (3) weeks' notice of their intent to terminate their employment. The written notice should state the specific reason the employee is terminating and the last day the employee will work. The notice should be delivered personally by the employee to the employee's supervisor. The employee's final paycheck will be issued at the next regular payday. (5) No employee shall be dismissed (or fired) without written reason for dismissal approved by the District Manager. This written reason for dismissal shall be given to the employee along with their final paycheck on the day of dismissal. (6) The employee termination form, along with the employee's written notice of termination or written reason for dismissal shall be forwarded to the Vice President of MV Residential Property Management, Inc., following the employee's last work day. e. The lines of authority flow directly from the Vice President of MV Residential Property Management, Inc., to the District Manager who directly supervises the onsite Community Manager. f. MV Residential Property Management, Inc., will provide and maintain Worker's Compensation coverage for all employees. Employees with authority over the Rental Agency Account are to be covered by the fidelity bond. 3 4. Leasing Plans and Procedures. a. The units will be advertised in newspapers. All advertisements shall contain the Fair Housing logo and shall comply with the provisions of any federal, state or local law prohibiting discrimination in housing on the grounds of race, color, sex, creed, handicap, familial status or national origin including Title VI of the Civil Rights Act of 1964 (Public Law ii-3 52, 78 Stat. 241), all requirements imposed by or pursuant to the Regulations of the Secretary (24CFR, Subtitle A, Part 1) issued pursuant to that Title regulations issued pursuant to Executive Order 11063, and Title VIII of the 1968 Civil Rights Act and the Fair Housing Amendments Act of 1988. b. Affirmative marketing practices will be utilized. C. The office will be open daily and may change with notification to Owner based on leasing needs as established by the District Manager and Vice President. Additional hours will be by appointment with the Community Manager. Initial office hours are: Weekdays 9:00 — 5:00 d. Residents will be required to inspect units prior to occupancy. The resident will make a list of all work needed in the apartment and will be guaranteed these items will be corrected prior to move-in. This list will be signed by both the Community Manager and the resident and placed in the resident's file. e. An orientation package will be provided to each resident containing information on utilization of the utilities. f. The Community Manager, with the approval of his/her District Manager, is responsible for selecting residents. These selections are subject to a review by the Owner. The residents shall be selected in accordance with the guidelines of Section 42 of the IRS Code. 5. Procedures for Determining Resident Eligibility. The On-Site Manager uses the following resident screening procedures: a. Checks previous landlords to verify paying and living habits. b. Checks credit through reputable credit reporting agency. C. Verifies employment. d. Verifies income in accordance with the guidelines of Section of 42 of the IRS Code. 6. Plans for Carrying out an Affirmative Maintenance and Repair Program. 4 e. All utilities will be thoroughly inspected and tested prior to occupancy. f. An itemized checklist has been developed for the purpose of inspection to move-out and all repair items will be completed prior to re-renting. These inspections will be reviewed by the District Manager. g. Painting and interior decorating will take place after each move-out. h. Garbage and trash will be removed on a weekly basis. i. Major repairs will be authorized by the Managing Agent, approved by the Owner and performed by contract. j. Grounds upkeep and maintenance will be carried out as follows: (1) Grounds upkeep and maintenance of grounds will be done by an outside contractor at regular intervals and inspected by the On-Site Manager and District Manager. (2) Chemical treatment of lawns will be provided by an outside contractor. (3) Snow removal will be done by an outside contractor. (4) In unit preventative maintenance shall be performed on a quarterly basis during the second week of the second month of the quarter. During the preventative maintenance visit, furnace filters will be replaced on all HVAC units. Additionally, maintenance personnel will carry out a visual inspection of all Owner provided appliances, heating and air conditioning systems, and plumbing systems. In unit inspections will also include inspections and assessments pertaining to mildew and / or mold / water intrusion, pest infestation, and general upkeep and cleanliness of the apartments. Unsatisfactory inspection findings shall be immediately reported to the On-Site Manager for the facilitation and execution of an appropriate corrective action plan. (5) Pest exterminating and general pest preventative maintenance shall be carried out by a licensed vendor on a monthly or as needed basis. g. Entryways, halls and/or Community Building will be cleaned weekly unless inclement weather requires additional cleaning. h. Residents are instructed in their orientation package to call in all maintenance requests to the rental office. A 24-hour-a-day telephone number is available for emergency maintenance repairs. 7. Rent Collection Policies and Procedures. 5 a. Rent collections will be made at the Office during regular office hours noted in 3c above. b. Partial payments will be accepted if a resident has run into a particular problem and developed a payment plan with the District Manager. A prepayment is also acceptable. C. A Fifty Dollar ($50) late fee is charged after the fifth day of the month. d. When a resident misses a rent payment, a notice will be sent on the fifth of the month. A follow-up visit will be made by the Site Manager to meet with the resident to discuss the reasons for non-payment and work out a payment plan if the cause for non-payment is of an emergency nature. Eviction proceedings will begin on the 15th day of the month unless satisfactory arrangements are made for payment of rent. e. Residents will be referred to the local credit counseling agency to establish a budget for problem cases. The eviction procedures are stated in the lease and are consistent with State law. A three-day notice will be served on the 11th of the month. g. Rent payments are recorded and kept in a separate account according to prescribed procedures. h. Managing Agent will lease in accordance with the Leasing Guidelines specified in Exhibit B (Leasing Guidelines) attached hereto. 8. Program for Maintaining Account Records and Handling Necessary Forms and Vouchers. a. All accounting procedures will be consistent with the Standard Operating Procedures of MV Residential Property Management, Inc. b. The Property's cash flow can be monitored continuously. C. The monthly accounting reports will be sent to the Owner by the twenty-fifth (25th) day of the month. 9. Plans for Resident-Management Relations. a. Any resident with a problem that cannot be solved satisfactorily by the Site Manager or the District Manager will be advised to contact the Vice President of MV Residential Property Management, Inc., at the Corporate Office in Cincinnati, Ohio, at (513) 588.1000. b. The lease is fair and non-punitive. 6 C. A copy of the lease is attached. 10. Management Contract. The standard Management Agreement format will be used. EXHIBIT B LEASING GUIDELINES This property is subject to Section 42 of the Internal Revenue Code of 1986 as amended. Compliance with the Code is of the greatest importance. Owner shall provide Managing Agent with rent schedule and income qualification guidelines per Section 42 of the Code and the terms of any financing documents or other agreements that relate to the leasing and management 7 duties of the Managing Agent. Managing Agent acknowledges that Owner is required to lease all of the housing units in the Property to Residents whose income and rent levels qualify such apartments for inclusion in determining federal low-income housing tax credits (the "Credits") for the Property pursuant to Section 42 of the Internal Revenue Code of 1986 as amended. This means that all housing units must be occupied by individuals with income less than or equal to 50/60% of area median gross income, adjusted for family size. Managing Agent further acknowledges that obtaining the Credits will have substantial economic value to Owner and its partners. Managing Agent will familiarize itself with the low income housing tax credit requirements (the "Requirements") as they relate to Managing Agent's leasing and management duties hereunder and shall use its best efforts to comply with such requirements and to the extent Managing Agent is unable to do so, Managing Agent shall promptly notify Owner of such fact and the reasons therefore. Incident thereto, the following provisions shall apply: a. Managing Agent shall require each prospective Resident to certify, on the Lease application or Lease, the amount of such Resident's annual family income, family size, and any other information required to enable Owner to obtain and maintain LIHTC compliance of the Credits or otherwise reasonably requested by Owner. Managing Agent shall require Residents to certify in writing as to such matters on an annual basis, prior to such time as the information is required for reporting purposes. b. Managing Agent shall from time to time furnish Owner with a written schedule of maximum rents for the apartments which complies with the Requirements, for Owner's (and any lender's, if required) approval. Without Owner's express prior written consent, Managing Agent shall not enter into any lease on behalf of Owner at a rental amount exceeding the applicable maximum. C. Managing Agent shall maintain and preserve all written records of Resident family income and size, and any other information necessary to comply with the Requirements or otherwise reasonably requested by Owner throughout the term of this Agreement and shall turn all such records over to Owner upon the termination or expiration of this Agreement. d. Managing Agent shall prepare reports of low-income leasing and occupancy and other matters related to Managing Agent's obligations hereunder and to the operation of the Property in form suitable for submission to state, federal and/or local housing authorities in connection with the Credits and in compliance with the Requirements. A. Screening Process 1. Application. Each prospective Resident must complete and sign a written application for lease, containing detailed personal information, previous residences and landlords for several years, information on employment, income, 8 assets, and credit, proposed occupants (including ages) and pets, and references, and containing such other information and statements as will enable Manager to screen the prospective Resident or as is otherwise proper and advisable for the management of the Property in accordance with professional standards. 2. Interview. Manager shall interview every proposed adult occupant of the rental unit. 3. Employment. Manager shall obtain written verification of the employment and income information given by the prospective Resident. 4. Credit. Manager shall have conducted a responsible credit agency check of the prospective Resident, and shall personally check with one or more of the Resident's previous landlords, if possible, with respect to past rent payment history. 5. Housekeeping. If possible, Manager shall check with one or more previous landlords of the proposed Resident and other occupants with respect to their ability to maintain an apartment in good condition, pay rent on a timely basis, and to abide by building rules. 6. Other. If advisable, Manager shall check other references and perform other screening of the proposed Resident. 7. Approval. Manager shall approve the proposed Resident's lease application only if, in Manager's best professional judgment, the proposed Resident is qualified to pay rent when due and all proposed occupants are likely to maintain properly the dwelling unit, abide by reasonable rules and otherwise be suitable occupants of the Property. Also, without Owner's prior written consent, Manager shall not approve any lease application unless the Resident and other proposed occupants meet the rental guidelines contained in the Requirements. 8. Nondiscrimination. In the performance of its obligations under the Management Agreement, the Managing Agent will comply with the provisions of any federal, state or local law prohibiting discrimination in housing on the grounds of race, color, sex, creed, handicap, familial status or national origin including Title VI of the Civil Rights Act of 1964 (Public Law ii-352, 78 Stat. 241), all requirements impose by or pursuant to the Regulations of the Secretary (24CFR, Subtitle A, Part 1) issued pursuant to that Title regulations issued pursuant to Executive Order 11063, and Title VIII of the 1968 Civil Rights Act and the Fair Housing Amendments Act of 1988. B. Lease 1. Application. Prior to leasing any dwelling unit, Manager shall have screened the prospective Resident and all other proposed occupants in accordance with Section 9 A hereof, and shall have approved the lease application as described above. 2. Lease Form. In leasing dwelling units, Manager shall use only the form of lease approved in writing by Owner from time to time, without material changes unless approved in writing by Owner. 3. Approved Rent. Manager shall not lease any dwelling unit for a rental amount other than as specified in the rent schedule. 4. Security Deposit. Manager shall require a deposit and shall require such greater amount as circumstances warrant, but not more than the maximum allowed by law. 5. Named Resident, Occupants & Pets. Each adult occupant of the dwelling unit shall be named as Resident in the Lease, and shall be jointly and severally liable for rental payments. The Lease shall specify all other permitted occupants and it shall be a default if any non-permitted occupant resides in the dwelling. In the event the pet policy will be established or changed based on occupancy needs, the Owner shall approve the pet policy in advance. There will be breed restrictions imposed on pets allowed at the Property. 6. Term. Each Lease shall be for a term of no longer than one (1) year. 7. Substitution of Unit. In the event rehabilitation or other plans for the Property will require that the housing unit to be leased to the Resident be vacated or made available to another Resident during any portion of the Lease term, the Lease shall contain a provision for substitution of another dwelling unit and relocation of the Resident. 8. Certain Lease Provisions. The form of lease to be approved by Owner shall contain detailed provisions concerning the following matters of practical importance, including, but not limited to: a. Condition of Unit. Acknowledgment of the condition of the dwelling unit as described in a unit inspection report. b. Default Charges. Resident's liability for the following default charges: late rent payment charges; returned check charges; lost keys; damage to the dwelling unit or the Property not caused by ordinary wear and tear; missing property, fixtures or equipment; and costs of rent collection and eviction. C. Security Deposit. Procedures concerning deductions from and return of security deposit, with interest to the extent required by law, and any key deposits. 10 d. Utilities and Other Charges. Resident's responsibilities concerning utility services to the dwelling unit, other services to the dwelling unit, other services provided by Owner or Manager, and any parking or other charges. e. Maintenance. Maintenance duties of Resident and of Owner, respectively, separately listed. f. Alterations. Requirement of Owner's or Manager's consent to alterations of the dwelling unit, listing examples, and to charges of keys and locks. g. Use Restrictions. Restrictions on Resident's use of the dwelling units, including hazards, noise, nuisance, etc. h. Changes. Resident's obligation to report changes in Resident's household employment status or income. i. Rules. Resident's and all other occupants' obligation to comply with any rules and regulations issued by Owner or Manager. A copy of any such rules shall be attached to the Lease. j. Other. Other provisions customarily included in apartment lease or advisable for the Property, and all provisions necessary to comply with the requirements. k. Attachments. Acknowledgment of Resident of any attachments to the Lease. 9. Execution. If requested to do so by Owner, Manager shall execute Lease as agent for Owner. 11 APPLICANT APPROVAL CRITERIA Management or its Associates will not discriminate against on the basis of race, color, religion, sex, disability, ancestry, familial status, or national origin. Identification Before leaving the office to begin the tour, a valid Driver's License or other type of valid photo identification is required per visitor. If more than one visitor, then only one valid driver's license or valid photo identification will be needed from someone in the group. The name on the I.D. must match the name given by the visitor and the photo should be a reasonable likeness. The I.D. must be left in the office during the property tour and will be returned at the conclusion of the community demonstration. Rental Application No applicant will be denied the opportunity to complete a rental application. A non-refundable application fee is required at the time of completion. A rental application must be completed by anyone 18 years of age or older who will be residing in the apartment or living with an adult companion. If there are two applicants, regardless of marital status, each is to complete their portion and sign in the appropriate area. Each applicant must have a social security number, green card, or non-expired working or student visa. In addition, the rental application must be completed in its entirety. Occupancy Standards No more than two people per bedroom may occupy the apartment/home. If application is being completed at a senior tax credit property the head of the household must be at least 55 years of age, a spouse can be under 55. If application is being completed at a HUD senior property the head of the household must be at least 62 years of age. Any new household members must be approved in writing from the office prior to occupancy. QUALIFYING STANDARDS Employment Status Current employment and income are verified for a length of time on the job and income. Income Status The income listed by the applicant (s) must be sufficient to meet the income standard set by management. Applicant's income must meet the minimum specified guidelines. Acceptable income verification will be required and verified. Past Residency Prior rental history is researched to ensure that the applicant(s) paid rent on time and did not have any lease violations at their prior residence. Eviction Judgments less than five years with paid or unpaid balances are automatically denied. Property Management records with skip statuses are also an automatic denial. Initials Initials Initials ©2013 MV Residential Property Management Inc. Form 111/Rev.3.13/Page 1 of 2 Past Credit History A credit report provided by a Credit Reporting Service will be processed and verified to be in good standing with an acceptable Credit score range set by management. Both past and current credit is evaluated. Each applicant is considered separately. An unsatisfactory credit report can disqualify an applicant if it reflects past or current bad debts, late payments or unpaid bills, utility balances, liens, judgments or open bankruptcies. The following will receive an automatic denial: property management record owing a balance, office of Foreign Affairs control name match, or deceased fraud messages. If an applicant is denied, a letter supplying the Credit Reporting Agency name and number will be provided. Criminal History A criminal background check will be completed. An applicant is automatically denied if a domestic violence misdemeanor, felony, drug offense and sex offense is evident. Guarantor A co-signer/guarantor cannot be accepted on an affordable housing apartment/home. A co- signer/guarantor must complete a Rental Application and meet all above criteria. In addition, the guarantor will be fully responsible for the Lease Agreement and all corresponding documents to the apartment/home. An initial or full security deposit will be collected to hold the apartment/home. Once approved for move-in, all remaining funds must be paid at move-in with all utilities in the resident's name. All residents at market apartments/homes are required to provide proof of active renters insurance on or before move-in. Note: All deciding factors as to what is acceptable or not acceptable for any of the above qualifications are determined by The Managing Agent. Applicant Signature: Date: Applicant Signature: Date: Applicant Signature: Date: Community Manager: Date: ©2013 MV Residential Property Management Inc. Form 111/Rev.3.13/Page 2 of 2 RESIDENT COMPLAINT FORM Community: Complaint: Date/Time Filed: Address: Telephone: Violator: Date/Time Occurred: Address: Telephone: Nature of Complaint: Noise Unsupervised Children _ Pet _ Damage to Property Auto Other Details of Complaint: Note: If this complaint reaches the Legal level, it may have to be presented to the courts. Signature of Resident Signature of Complaint Received The complaint was handled as follows: Date Complaint Explained: Verbal Warning Date Notice Delivered: Notice Final Delivered by: Recommendation/Comments: Follow up with the Resident filing complaint occurred: Date: By: Resident Comments: ©2012 Miller-Valentine Group, Inc. Form 77/Rev.06.03/Page 1 of 1 �� r NOTICE Please join Miller Valentine Residential Development at a presentation to discuss the potential development of University Lofts to be located on the northwest corner of University Ave and Alta Vista St in Dubuque, IA. When: Meetings will be held on: October 25th at 1:OOpm and S:OOpm and on November 1st at 7:OOpm Where: Meetings will be held at: Church of the Nativity 1225 Alta Vista St, Dubuque, IA 52001 Those who are unable to attend but would like additional information may contact Miller-Valentine Residential Development at 513-588-1617 Or visit our website at www.mvg.com Page 1 of 1 Kevin Firnstahl - "Contact Us" inquiry from City of Dubuque website From: "Citizen Support Center" <dubuqueia@mycusthelp.net> To: <kfirnsta@cityofdubuque.org> Date: 11/07/2016 11:38 AM Subject: "Contact Us" inquiry from City of Dubuque website Contact Us Name: Gail Weitz Address: Ward: Phone: 5638450761 Email: windword403@outlook.com City Department: City Council Message: I am unable to attend tonight's Council meeting but want to let you know I support the Revitalization Designation for Marquette Hall and University Lofts. I am also requesting your support for Full Circle Communities by approving them for Urban Revitalization. Lastly, if you don't understand the FUTURE of Dubuque and this country lies in our ability to create an open, welcoming environment for people of all races and faiths, you don't understand the concept of leadership. America is already great, you can help make it greater: Support affordable housing, immigration, and human rights. Thank you. Click here to report this email as spam. file :///C :/Users/kfirnsta/AppData/L ocal/Temp/XPgrpwi se/582067A1DBQ_DODBQ_PO 1... 11/07/2016